AmCheck, Inc Offers John Hancock College Savings Plan

Share Article

AmCheck, announced that they will be offering the John Hancock College Savings plan to its customer's employees.

AmCheck is pleased to offer one of the lowest fee College Savings Plans in the country.

Phoenix, AZ (PRWEB)March 10, 2009

AmCheck, a leading provider of outsourced payroll services, benefits and HR services, today announced that they will be offering the John Hancock College Savings plan to its customer's employees.

Important benefits of a 529 College Savings Plan
Earnings in 529 Plans grow completely free of federal income tax when used for qualified education expenses (tuition, books, room, and board). The 529 Plan contributor stays in control of all the funds even after the child/beneficiary is of legal age. Anyone can contribute (grandparents, aunts, uncles, friends, etc.), as there is no age limit on the named beneficiaries, no age limit on the contributors, and no time limit on the account. Moreover, this plan allows the beneficiary to attend any accredited college in America and many international universities. Because 529 Plans are actually an asset of the parent, they have a very low impact on a child's financial aid eligibility and an employee's 529 account is creditor proof.

Why consider a 529 College Savings Plan?
In twenty years, the average four-year college education is expected to cost $145,000 for public schooling and $300,000 for a private education according to data from the Annual Survey of Colleges and the College Board and Data Base, 2008-2009.The Institute for Higher Education Policy says that parents, on average, save less than $10,000 for their children's higher education. Money magazine reported that nearly half of all parents save nothing at all!

Special Benefits of the AmCheck John Hancock College Savings Plan

Automatic Payroll Deductions: Participants can contribute as little as $12.50 per week or $50.00 per month in the AmCheck 529 Plan. A family (employee/spouse) can contribute up to $26,000 per year for each child. Other contributions can also be made by family and friends (example: Grandparents, Aunts/Uncles, etc.) up to $13,000 per year per child.

Higher Contributions: Maximum contributions to each beneficiary's 529 Plan can be as much as $320,000.

Changes at any time: A change or stop in the participant's level of contribution can be made at any time.

Invest at Net Asset Value (NAV): As a participant in the AmCheck John Hancock 529 Plan, participants get the opportunity to invest without paying any commissions or sales loads. This benefit translates into significantly lower expenses and ensures that every dollar goes towards your child's education. Additionally, the $25.00 annual fee is waived.

Choice of Investment Strategies: Select from 4 investment strategies, which may be used individually or in any combination:

Investment Options: The AmCheck / John Hancock 529 Plan utilizes a multi - manager platform with access to over 30 of the leading money managers including T. Rowe Price, American Funds, Franklin/Templeton, Oppenheimer, PIMCO, and many more.

"AmCheck is pleased to offer one of the lowest fee College Savings Plans in the country." said Dean Lucente, President, AmCheck. "In this economy, the consumer needs to realize more of the benefits and earning potential from these plans and the brokers and mutual fund managers should be entitled to less. This is areal gem for our customers".

According to the Internal Revenue Service:
A Qualified Tuition Program (QTP) also called "529 plan", formerly called a Qualified State Tuition Program (QSTP), is established and maintained to allow either prepaying, or contributing to an account established for paying a student's qualified higher education expenses at an eligible educational institution. States and eligible educational institutions can establish and maintain QTP(s). An eligible educational institution is generally any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education.

Contributions to QTP:
Contributions to a QTP on behalf of any beneficiary cannot be more than the amount necessary to provide for the qualified higher education expenses of the beneficiary. Contributions made to a QTP are not deductible on your Federal tax return.

About John Hancock Financial and Manulife Financial Corporation
John Hancock Financial is a unit of Manulife Financial Corporation (the Company), a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$405 billion (US$330 billion) as at December 31, 2008.

AmCheck's Services are currently offered to organizations with up to 3,000 employees. Employers can take advantage of a complete payroll solution or choose to pursue individual ala carte services available through AmCheck.

About AmCheck:
AmCheck is a national provider of Payroll Services and Professional Employer Organization PEO services. Since 1996, AmCheck has grown into one of the country's largest independent Payroll Service Bureaus, serving thousands of clients, and managing every aspect of payroll, taxes, employee benefits, pension plans and worker's compensation. In 2001, the company expanded its reach nationally by opening offices in other states. AmCheck is a leader in Web-based payroll technology, and is recognized for its skill in harnessing and applying the latest technologies in order to improve clients' internal and external processes. AmCheck has offices in Austin, Chicago, Denver, Los Angeles, Las Vegas, Phoenix, Portland, San Diego, Schaumburg and Tucson. (locations).

For more information regarding our College Plan please contact Paul Burns or Bradley Hughs with AmCheck Benefits at (602) 931-4460 or (866) 923-9744.